An Overview of the Reverse Mortgage Process

Personal financial planning is very important, because it helps people sustain their financial obligations both for the present and the future. While there is a lot of temptation to gratify present consumption, it is important to think and plan for future consumption. This is even more vital for young people who are still in their productive age. The decision to buy a home is one important financial decision that shows that one has a future consumption in mind. This is because buying a home means that one will not incur future rental expenses. For older people that own homes, they can apply for reverse mortgages which is a loan on the equity of the house they own. The reverse mortgage process ensures that elderly people who own a home, but are in need of cash can get a loan.

When you talk about reverse mortgage process, a lot of people might ask: ”What is a reverse mortgage?” Reverse mortgage is a loan advanced by a financial institution to a person that is over 62 years and is backed by the equity of the home they own. The unique thing about the reverse mortgage process is that, the elderly person does not need to pay any monthly repayment. Any elderly couple or a person who is considering reverse mortgage should seek professional counsel in order to determine elegibility, and other important financial information. More often than not, people who are considering reverse mortgage would have an institution approved by Home Equity conversion mortgage in mind.

When you are considering reverse mortgage loan by a HECM-approved institution, several question come into mind: What is a Reverse HECM Reverse MortgageWhat is a Reverse Home Equity Conversion Mortgage Reverse Mortgage? This is a mortgage loan that is ensured and guaranteed by Federal Housing Administration, a subsidiary of the U.S. Department of Housing and Urban Development. There are several conditions that have to be fulfilled before one qualifies for a HECM reverse mortgage loan. These conditions include:

  1. You must be living in the subject home as a primary place of residence
  2. The owner of the home or spouse must be over 62 years
  3. The home must meet HUD property standards
  4. You need counseling from an agency approved by the US Department of Housing and Urban Development
  5. You must be in good credit standing
  6. The home must be located in the US

It is highly-advised that you get some guidance when going about obtaining reverse mortgage loans. This is one of the recommendations from HECM. Once you are sure that the reverse mortgage loan is the way to go and you are convinced that the money that you could obtain from this will be enough to finance your needs after the upfront costs, it is then an appropriate time to approach a financial institution to get the loan. While there are some procedures involved in the initial stage of the process, the financial institution should guide you through every step of the way.

Investing in Apartments? Your Guide to Get It Right

Located in Bulcock Beach QLD within the front tower of the complex, Joanne Apartments for sale is admittedly a prime real estate. The 2-bedroom unit has a full kitchen, laundry facilities, and two private balconies with great views of the ocean.

The complex where the apartment is housed also has a pool. Living in the apartment is going to feel like a holiday every day.

joanne apartments for sale

Do you think these are reason enough to invest in an apartment?

While it does have the potential to be a solid investment, you should examine other factors that can have an impact in your investment portfolio. Because if you ask other investors, they might give their vote on investing in houses for sale Caloundra area has instead of a unit for sale Sunshine Coast area.

After all, it is a popular belief that land appreciates while buildings depreciate. This explains why many investors favor houses over apartments.

Then again, what works for one investor would not necessarily work for everyone else. What do you need to do then?

When investing in apartments…

– Get an independent valuation

Don’t fall into the trap of making a purchase decision based on emotions. Consult an independent valuer to give you a fair and unbiased assessment of the true value of a property. This is especially true for off-the-plan units where the prices could drop during construction.

Clearly, this will not be a problem with Joanne Apartments for sale. Still, an independent valuation would work to your advantage.

– Take note of ongoing expenses

If you purchase a strata report, you will know the various recurring costs that you’ll have to pay every month for a unit which will add up in the long run. Apartments with fancy amenities, such as a 24-hour concierge, gym, and swimming pool, are likely to have higher strata fees as well. So make sure to take into account these ongoing expenses when investing in an apartment.

– Compare different units

Shopping for a property for sale can become overwhelming and confusing, especially if you see 10 open houses a day. Because it is important that you compare apartment units before you invest in one, you should approach the process strategically.

Limit the number of units you view so you can keep track of each one of them. It would also help if you use a spreadsheet where you list the features and factors that must be considered. These should include the selling price, size of the property both internal and external, and the anticipated rental returns.

– Hire a buyer’s agent

Viewing properties can be stressful and time-consuming. Add to these other important things you need to do, and your shopping experience would be less fun and thorough.

A great solution is to use a buyer’s agent that will manage the property hunt on your behalf. They can also help with the negotiation and the property purchase itself. Suffice to say that they can free up a lot of your time and quickly find the right investment property for you.

Henzells Agency

Whether you’ve set your heart on Joanne Apartments for sale or a different type of property, Henzells Agency can provide you the assistance that you need. As a full-service real estate agency, they can help you find a real estate investment in Caloundra and the Sunshine Coast. Call them right now. For more information, visit us at,4551